Forex Trading Tips-15 Ways To Be A Better Trader
To be a successful Forex trader you must at all times adhere to your trading plan and be disclipined in every trade you make.
You must have a detailed plan in place before entering any trade. Never deviate from your plan because the market did not behave the way you anticipated.
Always trade with stops in place. Never adjust them to stay in a losing trade.
You must learn that you, and every other trader, will have losses. It is inevitable. You are no different than other traders.
Never try to determine your profits in advance of entering a trade.
Both bulls and bears make money. Never be afraid to short a market if your trading system or indicators are pointing to a market about to go in decline.
Refine your trading system as you gain more experience. No system is perfect and your system should be tailored to your trading style as you gain more confidence in trading.
Dont be afraid to stand aside from time to time. New trading situations come along almost every day. Wait until you feel that the odds are more in your favor before placing an order.
Trading is not gambling. Dont approach trading as a trip to Las Vegas. It is a business. Always treat it as one.
Patience is a virtue. Most big moves take time to develop. Give the market time to tip its hand before placing a trade. There will be ample opportunities once a big move is under way.
Greed is a surefire way to blow out your account. Always trade with a sound reason to make the trade before entering a market. Never try to squeeze another pip or two out of a trade. You cannot guess or predict the end of a move. Take the profits and move on.
Dont overtrade. Overextending your account will lead to a short career as a trader.
Control your emotions. Rationally study market conditions and look before you leap.
Study your trading system and be familiar with the indicators, chart patterns, or price movements that signal a trade.
The trend is your frend. Sometimes a short term trade against a trend can be profitable, but be extra cautious if making a short term trade against a definite trend. Temporary reversals of a major trend are traders taking profits and the trend will usually resume in full force. Have a quick exit strategy in place before the trend resumes.
Never try to pick tops or bottoms of a market. The Forex graveyard is full of traders who tried to do that.
Traders who profit and survive in the markets know one of the best Forex trading tips is also one of the simplest. Have a strict money management system in place before making any trade. The best Forex traders are the ones that know survival is the key to becoming successful.
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